Buying silver does not necessarily mean buying a bar and putting it in a safe.

Investors can own silver bullion directly, buy shares of companies that explore for or produce silver, or use exchange-traded products that provide exposure through a brokerage account. All three routes are linked to silver, but that is where much of the similarity ends.

Bullion gives you the metal itself. Mining shares give you part ownership of a business. Exchange-traded silver products can provide either bullion exposure or a diversified basket of mining companies.

The right choice depends less on which option is “best” and more on what you expect silver to do in your portfolio.

Key Takeaways

- There is no single best way to invest in silver. Physical bullion, silver stocks and exchange-traded products offer different combinations of ownership, risk and convenience.

- Physical silver gives you direct ownership, but dealer spreads, storage and insurance can add to the cost.

- Silver stocks can move more sharply than the metal because company results, costs, discoveries and financing affect their value as well as the silver price.

- Bullion-linked exchange-traded products make silver-price exposure easier to buy and sell through a brokerage account, while mining ETFs spread the investment across several companies.

- In Canada, qualifying investment-grade silver receives specific GST/HST treatment, and certain forms of physical silver can also qualify for registered plans when CRA requirements are met.

- Some investors use more than one form of silver exposure because each serves a different purpose.

What Is the Best Way to Invest in Silver?

There is no universal best way to invest in silver.

Physical silver gives direct ownership of the metal. Silver stocks add company-specific growth potential and risk. Exchange-traded silver products offer a simpler way to gain exposure through financial markets.

That distinction is important.

Someone buying silver as a tangible store of value may care more about possession than daily liquidity. An investor who wants to trade silver exposure inside a brokerage account will probably value convenience more. Someone researching individual mining companies is accepting an entirely different risk profile in the hope that a successful business or project can outperform the metal itself.

So before deciding how to invest in silver, decide what you actually want from the investment: direct ownership, silver-price exposure, or exposure to mining-company growth.

How Does Physical Silver Work?

Physical silver is the most literal form of silver ownership. You purchase coins, bars, ingots or other bullion products and own the metal itself.

For many people, that is its main attraction. There is no mining management team to assess and no fund structure between the owner and the asset.

It is not friction-free, however.

If you are working out how to buy silver for the first time, the first cost to understand is the premium over spot.

The Price You Pay Is Not Usually the Spot Price

Silver has a quoted market price, commonly called the spot price, but retail buyers rarely purchase coins or small bars at exactly that level.

Dealers generally charge a premium. Manufacturing, distribution, product size, supply conditions and dealer margins can all influence it.

The gap works both ways. A dealer buying silver back from an investor may offer less than the retail selling price.

For someone investing in silver bullion, that spread matters because the silver price may need to rise before the original transaction costs are recovered.

Premiums also vary. A widely recognized one-ounce coin can trade differently from a large bullion bar, even though both ultimately contain silver.

Then There Is Storage

A few coins are relatively easy to keep securely. A substantial allocation is another matter.

Home storage introduces theft and insurance questions. Safety deposit boxes and professional vaults can add recurring fees. Investors should also think about access: silver locked in a vault is not as immediately tradable as a security sitting in a brokerage account.

Liquidity is generally available through bullion dealers, but it is not identical to clicking “sell” on an exchange.

What About GST/HST in Canada?

Canadian tax treatment deserves careful wording.

For GST/HST purposes, the Canada Revenue Agency defines qualifying silver precious metal as silver refined to at least 99.9% purity and supplied in qualifying forms such as a bar, ingot, coin or wafer.

Qualifying precious-metal transactions receive specific treatment under the Excise Tax Act. Newly refined metal supplied by the refiner or owner can be zero-rated, while subsequent qualifying supplies are generally treated as exempt financial services.

In practical terms, qualifying investment-grade bullion is treated differently from jewellery, collectibles and lower-purity silver. A product should not be assumed to qualify merely because it contains silver.

How Do Silver Stocks Work?

Buying a silver stock does not give you ownership of silver sitting in a vault.

You own part of a company.

That company might already operate mines, it might be developing a deposit, or it might still be exploring ground where no mine has yet been established. Those stages carry very different risks.

Producers

A producer sells metal and earns revenue from mining operations.

Pan American Silver is one example of a large publicly traded precious-metals producer. Companies at this stage are affected by silver prices, but also by costs, production levels, mine life, grades, labour, energy, taxes and the performance of individual operations.

This is where the idea of leverage to silver often comes from.

Imagine, purely as an illustration, that a mine receives $30 per ounce of silver and has $24 per ounce of associated costs. The difference is $6. If the realized silver price rises while costs remain broadly stable, the percentage change in the margin can be much larger than the percentage move in silver.

Real mine economics are far more complicated, of course. Costs are not fixed, and silver is often produced alongside gold, lead, zinc or other metals.

The basic point remains: a mining company’s earnings do not necessarily move one-for-one with silver.

Developers and Junior Explorers

Further down the development curve are companies that do not yet have established commercial production.

Their shares can react to drilling, metallurgical work, permitting, financing, resource estimates and other project milestones. That creates potential upside, but it creates plenty of ways for expectations to go wrong too.

Rio Silver Inc. (TSX-V: RYO | OTC: RYOOF), for example, describes itself as a Canadian silver exploration and development company focused on advancing high-grade silver projects in Peru. Its Maria Norte project is currently classed by the company as exploration to early development.

That makes it fundamentally different from a producing miner.

For junior companies, a higher silver price can improve market sentiment without solving exploration, financing or development challenges. Share dilution is another consideration because companies without operating cash flow often need outside capital to keep advancing their projects.

Readers who want to go deeper into this part of the market can see our guide to how to evaluate junior silver mining stocks and our separate article on how to invest in silver stocks.

How Do Silver ETFs and Exchange-Traded Products Work?

This category needs one distinction up front: not every product commonly called a “silver ETF” works the same way.

Some products are built to reflect movements in silver bullion. Others own mining companies.

Those are two quite different exposures.

Bullion-Linked Products

The iShares Silver Trust (SLV) is one of the best-known examples.

Its objective is to reflect the price performance of silver bullion, less the trust’s expenses. It provides access through an exchange, so investors can buy or sell shares through a brokerage rather than arranging delivery and storage of their own bars.

SLV currently charges a 0.50% sponsor fee.

Strictly speaking, SLV is an exchange-traded trust, not a conventional U.S. ETF registered under the Investment Company Act of 1940. The distinction does not change the basic reason many investors use it, but it is worth getting the terminology right.

The investor owns shares in the trust rather than silver coins sitting in a personal vault.

That removes the practical work of storing bullion, but it also means the investment is held through a financial structure rather than through direct personal possession of metal.

Mining ETFs

A mining ETF takes another route entirely.

The Global X Silver Miners ETF (SIL), for example, seeks to track an index of global silver mining companies. Its current total expense ratio is 0.65%.

Instead of choosing one producer or junior company, the investor gets exposure to a group of businesses.

That diversification can reduce the impact of a problem at any single company. It does not remove mining-sector risk.

If costs rise across the industry, equity markets weaken or mining companies fall out of favour, a miners ETF can lag the silver price. Conversely, strong margins and favourable market sentiment can sometimes produce gains beyond the movement in bullion.

This is why investors searching for the “best silver ETF” should first ask whether they actually want silver bullion exposure or mining-company exposure.

Physical Silver vs Silver Stocks vs ETFs: Side by Side

There is no clean risk ladder in which one format is always better than another. Each introduces a different set of trade-offs.

A table like this also shows why comparing only a silver ETF vs physical silver leaves out an important part of the market.

A bullion product is designed primarily around the silver price. A mining company has employees, assets, financing needs, operating decisions and geological risk.

“High-grade” is one of the most common phrases in silver exploration news. It is also one of the easiest to misunderstand.

A grade tells you how much silver is present in a given amount of rock. That matters, but it does not tell you whether the rock can be mined profitably. A narrow vein carrying several hundred grams of silver per tonne may be attractive in one setting and impractical in another. Meanwhile, a large open-pit deposit containing only a fraction of that grade can still support a mine if tonnes, recovery, mining costs and processing conditions work in its favour.

For investors, the useful question is not simply whether a silver number looks high. It is what that grade means once width, continuity, metallurgy, mining method and cost are added to the picture.

Key Takeaways

- Silver grade is usually reported in grams of silver per metric tonne of rock, written as g/t Ag.

- More metal per tonne can improve project economics, but grade does not determine profitability on its own.

- There is no official industry rule that makes, for example, 100 g/t “low-grade” or 500 g/t “high-grade” across all silver deposits.

- Cut-off grade depends on metal prices, recoveries, mining and processing costs, mine design and other project assumptions.

- A spectacular channel or drill sample is evidence of mineralization, not proof of a mine, resource or reserve.

- The strongest investment cases usually combine grade with mineable width, continuity, recovery, scale, infrastructure and a credible development plan.

What Does a Silver Grade Actually Tell You?

When a company reports 200 g/t Ag, it means the sampled material contains an average of 200 grams of silver for every metric tonne represented by that sample.

The measurement is simple enough. Interpreting it is not.

A tonne of rock carrying 500 g/t silver contains five times as much silver as a tonne carrying 100 g/t, before allowing for recovery losses. That gives higher-grade material an obvious advantage: there is more potentially saleable metal in every tonne that has to be mined, moved and processed.

The catch is that mines do not sell grade. They sell recovered metal.

If only part of the silver can be recovered economically, or if the mineralized zone is too narrow, discontinuous or difficult to access, a striking assay may have limited economic value. Mining dilution can also reduce the grade actually delivered to the plant when waste rock has to be removed with the ore.

That is why technical reports eventually move beyond assay values and start dealing with mining widths, recoveries, dilution, throughput, costs and cut-off grades.

What About AgEq?

Polymetallic projects often report silver-equivalent grade, usually written AgEq.

AgEq converts the estimated value of several metals into an equivalent quantity of silver. A deposit containing silver, gold, lead and zinc, for example, may be presented as a single silver-equivalent number to make the combined metal value easier to compare.

The calculation is only as useful as its assumptions. Metal prices, metallurgical recoveries, treatment charges and other conversion factors can materially change the result, which is why Canadian technical-disclosure guidance requires those assumptions to be explained when equivalent grades are used.

Two projects reporting the same AgEq grade may therefore have quite different economics.

High-Grade vs Low-Grade Silver: What Counts as High-Grade?

There is no universal answer, and that is an important point for investors.

The economics of an underground vein mine are different from those of a large open-pit operation. A deposit with significant gold, lead or zinc credits is different again. Metal prices change, recovery assumptions change, and what qualifies as economic material can change with them.

Real mines show just how wide the range can be.

Coeur Mining’s Rochester operation in Nevada reported 2025 proven and probable silver reserves averaging about 12.63 g/t Ag. Rochester is a very large-tonnage open-pit operation using heap leaching. At the other end of the spectrum, Fresnillo reported a 2024 silver ore grade of 468 g/t at Juanicipio, an underground silver operation in Mexico. Hecla’s year-end 2025 reserves at Keno Hill were reported at 25.28 ounces of silver per ton, roughly 867 g/t in metric terms.

None of those numbers can sensibly be judged using one fixed “good grade” threshold.

This is an interpretive guide, not an industry classification system. A lower-grade deposit can outperform a higher-grade one if it is easier and cheaper to mine.

The reverse is equally true.

How Does Grade Affect Silver Mining Economics?

The advantage of higher grade becomes easier to understand when you follow one tonne of rock through a mine.

That tonne has to be drilled, blasted or excavated, hauled, crushed and processed. Many of those costs are incurred whether the tonne contains 50 grams of silver or 500.

If two otherwise identical tonnes cost the same amount to mine and process, the tonne containing more recoverable silver spreads those costs over more ounces. That can reduce the cost per ounce and leave more margin between the realized metal price and the cost of producing it.

Real mines are never that tidy, but the mechanism is important.

Cut-Off Grade Is an Economic Decision, Not a Geological Label

Mining companies do not normally process every piece of mineralized rock they encounter.

They establish a cut-off grade or cut-off value that helps distinguish material expected to have economic value from material that does not meet the current economic criteria. CIM guidance makes clear that cut-off grades vary between properties, operating circumstances and even different periods at the same operation.

The calculation can include mining costs, processing costs, expected recovery, metal prices and other factors. In polymetallic deposits, companies may use net smelter return rather than a simple silver grade because several metals contribute to revenue.

Aya Gold & Silver’s Zgounder technical work gives a useful real-world example. Its 2025 disclosure used different resource cut-offs for different mining methods: 40 g/t Ag for open-pit material and 90 g/t Ag for underground material. Same deposit, same metal, different economic assumptions.

This is exactly why a universal “high-grade” table can mislead.

Grade and Recovery Have to Be Read Together

Assay grade tells you how much metal is present in the sample. Metallurgical recovery tells you how much of that metal the planned process is expected to extract.

If a tonne contains 300 grams of silver and a process recovers 90%, the recovered silver is very different from a deposit where only 55% can be extracted. Treatment and refining terms may reduce the payable amount further.

The same logic applies to by-products. Lead, zinc or gold can improve the economics of a silver mine if they are recoverable and payable, sometimes materially reducing the effective cost attributed to silver production.

This is one reason comparing companies solely on headline silver grades is risky. The ore may look richer on paper while generating less economic value after recovery and processing.

Does Higher Grade Mean Lower Cost Per Ounce?

Often, but not automatically.

If mining and processing costs per tonne are broadly similar, getting more payable ounces from each tonne should improve unit economics. Higher grade can therefore give a mine more room to absorb changes in labour, energy, consumables or metal prices.

But higher-grade deposits can also be expensive to mine.

Narrow underground veins may require selective mining, more development metres and greater ground-control work. Dilution can be particularly damaging because waste rock mixed with a narrow vein reduces the grade sent to the mill. Difficult geometry can slow production, while depth can increase ventilation, hauling and pumping costs.

A large, low-grade surface mine can sometimes move a tonne of material much more cheaply than a narrow-vein underground mine carrying far more silver in each tonne.

The cost outcome depends on both sides of the equation.

A Note on AISC

Investors often use all-in sustaining cost, or AISC, when comparing producing mining companies. The metric was developed to provide a broader view of the cost of maintaining current production than a simple mine-site cash-cost figure. It can include items such as sustaining capital, corporate overhead and reclamation-related costs.

AISC is a non-GAAP measure, however, and reporting practice can vary between companies. It is useful for understanding an existing producer, but it should not be casually applied to an early-stage explorer that has not defined a mine or production plan.

For a junior exploration company, talking about future AISC before sufficient technical work exists would create a false sense of precision.

What Can Grade Mean for Shareholders?

This is where a geological number starts to become an investment question.

A meaningful high-grade discovery can change how the market views a junior company because it may improve the potential value of the mineralized system. Repeated high-grade intercepts over useful widths can justify further drilling, influence resource expectations and eventually feed into economic studies.

That does not mean a high assay automatically creates shareholder value.

Markets often react to individual drill results long before enough information exists to judge continuity, mineability or economics. If later drilling fails to connect the mineralization, the early excitement can disappear just as quickly. Exploration companies can also dilute shareholders while raising the capital required to establish whether a discovery is commercially useful.

Once a project reaches the mine-study stage, grade can have a more direct economic effect.

Download this press release:

Toronto, October 13, 2026 – Highlander Silver Corp. (TSX, NYSE American: HSLV) (“Highlander Silver” or the “Company”) is pleased to report on a recent meeting with President Keiko Fujimori and Minister of Energy and Mines Guillermo Shinno Huamaní in Lima.

Daniel Earle, President & CEO of Highlander Silver, commented:

“Highlander Silver was deeply honoured to be welcomed by President Fujimori and Minister Shinno to the Palacio de Gobierno in Lima last week. We presented our vision for the responsible development of the Corani Silver Project and its potential to lay the foundation for sustainable economic development in the region. Central to that vision is sharing project-built road, power and communications infrastructure with local communities, alongside providing preferential access to jobs and business opportunities.”

Figure 1

Figure 1: Highlander Silver executives meet with President Keiko Fujimori and Minister of Energy and Mines Guillermo Shinno in Lima on October 6, 2026 (Photo: Government of Peru).

On behalf of Highlander Silver

“Daniel Earle”

President and CEO

Information contact

Arun Lamba, Vice President Corporate Development

alamba@highlandersilver.com

About Highlander Silver

Highlander Silver is a high-quality silver-growth company developing a portfolio of advanced-stage assets in Peru which includes the bonanza-grade San Luis gold-silver project, which ranks among the 10 highest-grade projects globally in both gold and silver categories, and the Corani silver project, the largest silver deposit in development globally.[1] The Company also operates the Mercedes gold-silver mine in Mexico. Highlander Silver’s major shareholders include the Augusta Group, Lundin family, and Eric Sprott.

Forward-looking statements

Certain information contained in this news release constitutes “forward-looking information” under Canadian securities legislation. This includes, but is not limited to: statements regarding the sharing project-built road, power and communications infrastructure with local communities, alongside providing preferential access to jobs and business opportunities. Such forward looking information or statements can be identified by the use of words such as “anticipates”, “expects”, “intends”, “believes”, “plans”, “may”, “subject to” or “underway” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “will” be taken, occur, or be achieved. Forward-looking information is based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, including: assumptions with regard to development of Corani; the ability to secure adequate financing; the Company maintaining its current strategy and objectives; and the Company’s ability to achieve its growth objectives. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of precious and base metals; accident, labour disputes and other risks of the mining industry; delays in obtaining governmental or stock exchange approvals or financing; and risks related to the facility with Natixis CIB, including that definitive documentation may not be completed on the terms contemplated or at all, ongoing due diligence may not be completed to the satisfaction of Natixis CIB, conditions precedent may not be satisfied, the cost overrun facility may not be established on acceptable terms or at all, closing or drawdowns under the facility may be delayed or may not occur, interest rates may change, or project costs may increase, or the development of the Corani Silver Project may be delayed, cost more than anticipated or be adversely affected by technical, environmental, social, permitting, construction or other development risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.

[1] S&P Global rankings including the Corani silver project and San Luis gold-silver project.

Redtail Technology, Inc. allegedly failed to provide their employees legally required meal periods and rest periods, among other things. This resulted in various other California Labor Code allegations.

**THIS IS AN ATTORNEY ADVERTISEMENT**

VENTURA, Calif., Oct. 30, 2026 /PRNewswire/ -- The Sacramento employment law attorneys, at Blumenthal Nordrehaug Bhowmik De Blouw LLP, filed a class action complaint alleging that Redtail Technology, Inc. violated the California Labor Code. The Redtail Technology, Inc. class action lawsuit, Case No. 26CV022766, is currently pending in the Sacramento County Superior Court of the State of California. A copy of the Complaint can be read here.

According to the lawsuit filed, Redtail Technology, Inc. allegedly required employees to work during their meal periods. These employees were allegedly, from time to time, unable to take thirty (30) minute off duty meal breaks and/or were not fully relieved of duty for their meal periods. Additionally, the employees were required to perform work as ordered by Defendant for more than five (5) hours during some shifts without receiving a meal break. Further, Defendant often allegedly failed to provide employees with a second off-duty meal period for some workdays in which these employees were required by Defendant to work ten (10) hours of work. Defendant also, allegedly, engaged in the practice of rounding the meal period times to avoid paying penalties to Employees. Therefore, employees unknowingly forfeited meal breaks without additional compensation.

The Complaint further alleges Plaintiff was required by Defendant to use their own personal cellular phones as a result of and in furtherance of their job duties as employees for Defendant but were not reimbursed or indemnified by Defendant for the cost associated with the use of their personal cellular phones for Defendant's benefit. Defendant allegedly violated Cal. Lab. Code § 2802.

For more information about the class action lawsuit against the Redtail Technology, Inc. call (800) 568-8020 to speak to an experienced California employment attorney today.

Blumenthal Nordrehaug Bhowmik De Blouw LLP is an employment law firm with offices located in San Diego, San Francisco, Sacramento, Los Angeles, Riverside and Chicago that dedicates its practice to helping employees, investors and consumers fight back against unfair business practices, including violations of the California Labor Code and Fair Labor Standards Act. If you need help in collecting unpaid overtime wages, unpaid commissions, being wrongfully terminated from work, and other employment law claims, contact one of their attorneys today.

**THIS IS AN ATTORNEY ADVERTISEMENT**

Media Contact

Nicholas De Blouw

Blumenthal Nordrehaug Bhowmik De Blouw LLP

(800) 568-8020

[email protected]

https://www.bamlawca.com/ 

SOURCE Blumenthal Nordrehaug Bhowmik De Blouw LLP

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Keio University Research: Study Reveals How Happiness and Health are Linked across Generations

Analysis of Japanese families finds that happiness shows a stronger parentâchild connection than general or mental health, but well-being is less closely tied across generations than income.

TOKYO, Oct. 31, 2026 /PRNewswire/ -- A person's happiness and health are associated with those of their parents, but these connections are far from inevitable. Researchers at Keio University have found that happiness, general health, and mental health all show measurable similarities between parents and their adult children in Japan. Of the three, happiness showed the strongest relationship.

Published in Review of Economics of the Household, the study draws on long-term survey data covering two generations of Japanese families. The findings suggest that inequality extends beyond income and education to include people's experiences of happiness and health. They also show that well-being is less strongly linked between generations than household income.

Looking beyond income and education

When researchers study inequality, they usually examine differences in income, wealth, education, and occupation. These measures help reveal whether children born into disadvantaged families are likely to face similar disadvantages as adults.

But economic circumstances are only part of what determines how well people live. Two people with similar incomes may have very different experiences of happiness, physical health, or psychological well-being. This raises an important question: are people whose parents enjoyed happier and healthier lives more likely to experience the same advantages themselves?

Kayoko Ishii, Zhi-xiao Jia, and Isamu Yamamoto of Keio University investigated this question by examining intergenerational persistenceâthe extent to which a characteristic remains associated between parents and their children.

"Our main question was how strongly subjective well-being is related between parents and children," explains Ishii. "Previous work on intergenerational inequality has mainly focused on objective outcomes, such as income, education, and occupation."

The researchers examined three aspects of subjective well-being: happiness, people's assessments of their general health, and their mental health.

Following Japanese families across generations

The study was made possible by the Japan Household Panel Survey, a long-running research program associated with Keio University's Panel Data Research Center.

Beginning in 2004, the survey repeatedly collected information from the same individuals over many years. It was subsequently extended to include the adult children of participants, including those who no longer lived with their parents. This allowed the researchers to compare two generations within the same families.

"We have followed the same individuals for more than 20 years, asking many of the same questions each year," says Ishii. "The survey has also been expanded to their adult children, allowing us to link information on parents and children."

Following people over time is especially important when studying happiness and health. Well-being can change with age, employment, family circumstances, or illness. A single survey response may therefore reflect a temporary situation rather than someone's longer-term experience.

By combining observations from different years, the researchers constructed estimates intended to better represent well-being over the course of people's lives. They then compared the relative positions of parents and children within their respective generations.

Happiness shows the strongest connection

The analysis found statistically significant parentâchild associations for all three measures of well-being. The researchers estimated a relationship of 0.25 for happiness, 0.22 for self-reported general health, and 0.13 for mental health, using a statistical measure known as the rankârank slope.

A larger value indicates a stronger association between the relative positions of parents and children. Happiness was therefore the most persistent of the three measures, while mental health showed the weakest connection. These figures do not mean that parents determine a particular percentage of their children's happiness.

Importantly, subjective well-being was generally less persistent across generations than household income in Japan. This suggests that people's experiences of happiness and health may be more independent of their parents' circumstances than their economic position.

The researchers also investigated possible explanations. Income, education, lifestyle, and personality accounted for only part of the association. Among personality traits, agreeablenessâthe tendency to be cooperative and considerate of othersâmade a modest contribution to the relationship in happiness. Much of the association remained unexplained.

The relationship also appeared somewhat stronger in wealthier households, although the difference was not statistically significant.

Why these findings matter

The study broadens the discussion of inequality by showing that advantages and disadvantages can extend beyond material circumstances.

"Traditionally, attention has been focused on disparities in income and assets," says Yamamoto. "But we must also examine inequality in other non-monetary aspects of life, such as health and well-being."

"Some disparities inevitably emerge as people compete with each other," Yamamoto explains. "But it is more concerning when differences in individuals' starting points strongly affect their access to opportunity later in life."

Compared with findings from other countries, Japan showed an intermediate degree of intergenerational persistence in subjective well-being. Differences in healthcare, welfare systems, and other institutions may contribute to variation between countries, although this study does not establish their causal effects.

The findings suggest that efforts to reduce inequality may need to consider more than financial assistance and educational opportunity. Access to healthcare, psychological support, and family welfare could also be relevant to creating more equal opportunities for well-being.

Study limitations

The study identifies associations rather than proving that parents directly transmit happiness or health to their children. Genetic influences, shared environments, economic circumstances, and other factors may contribute.

The available data covered only two years for the children's generation and for mental health in both generations, making estimates of longer-term well-being less certain than those based on more extensive observations. Further research using longer-term data and comparisons across countries is needed.

Nevertheless, the findings add an important dimension to the study of social mobility: whether people can improve not only their economic circumstances, but also their chances of living happy and healthy lives.

Glossary

Subjective well-being: People's own assessments of their happiness, health, or quality of life.

Intergenerational persistence: The extent to which characteristics such as income, happiness, or health are associated between parents and their children.

Panel survey: A study that repeatedly collects information from the same people over time.

Rankârank slope: A statistical measure of how strongly a parent's relative position within one generation is associated with a child's relative position within the next.

About the researchers

Kayoko Ishii â Project Associate Professor 

Faculty of Economics

She holds a Ph.D. in Business and Commerce from the Graduate School of Business and Commerce at Keio University. She is currently a project associate professor in the Faculty of Economics at Keio University. Her research focuses on employment, income inequality, and subjective well-being, using household panel data to examine changes over time and across generations.

Isamu Yamamoto â Professor 

Faculty of Business and Commerce

He holds a Ph.D. in Economics from Brown University. He is currently a professor in the Faculty of Business and Commerce and the director of the Panel Data Research Center at Keio University. His research focuses on labor economics and applied economics.

Links

- https://k-ris.keio.ac.jp/html/100000583_en.html

- https://researchmap.jp/ishiikayoko?lang=en

- https://k-ris.keio.ac.jp/html/100001120_en.html

- https://researchmap.jp/read0138102

Reference

Ishii, K., Jia, Z.-X. & Yamamoto, I. Intergenerational persistence of subjective well-being: Evidence from the Japanese Household Panel Survey on parents and children. Rev Econ Househ 23, 1047â1074 (2025).

Funding

The study acknowledges support from the Japan Society for the Promotion of Science (JSPS) [grant numbers 22H04911].

Keio Research Highlights   

https://research-highlights.keio.ac.jp/

Media contact

Office of Research Development and Sponsored Projects 

Keio University

2-15-45 Mita, Minato-ku, Tokyo 108-8345 Japan

Telephone: +81 (0)-3-5427-1678

E-mail: [email protected] 

About Keio University 

https://www.keio.ac.jp/en/ 

About the Panel Data Research Center

https://www.pdrc.keio.ac.jp/en/ 

SOURCE Keio University

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Nômade Temple Holbox announces REVIVAL for New Year's Eve

A celebration of renewal by the sea joins Bonding Season 2026â27, bringing wellness, music, gastronomy and ritual to the island from October through March.

ISLA HOLBOX, QUINTANA ROO, Mexico, Oct. 30, 2026 /PRNewswire/ -- Nômade Temple Holbox announces REVIVAL, its New Year's Eve celebration on December 31, 2026, welcoming 2027 with dinner and music. The evening forms part of Bonding Season 2026â27, a wider invitation to spend time on the island through shared experiences.

REVIVAL invites guests to return to their natural rhythm, taking inspiration from the cycles of the moon, sun and ocean. At the turn of the year, the invitation is simple: make room to reconnect with yourself and the people around you.

An evening from sea to fire

Reception begins at 7:30 p.m., followed by dinner from 8:00 to 10:30 p.m. and celebrations until 3:00 a.m. Oysters and seasonal canapés introduce a menu featuring bluefin tuna, ember-cooked wild fish and Mexican Angus beef, followed by shared sides and desserts. A vegetarian menu is available.

Dinner-and-party admission includes a welcome drink and sparkling wine for the midnight toast. Party-only entry begins after 11:00 p.m. and includes a welcome drink. Capacity is limited. The musical lineup will be announced separately.

The setting is integral to the experience. Surrounded by the Yum Balam Nature Reserve, Nômade Temple Holbox brings the island's natural landscape into a stay shaped by water, local flavors and opportunities for discovery. REVIVAL offers a focal point for a longer escape, with seasonal programming to explore before and after the celebration.

Explore REVIVAL and reserve tickets

Bonding Season from October to March

Running from October 2026 through March 2027, Bonding Season extends the invitation beyond New Year's Eve. Guests can join individual experiences or follow a day shaped by movement, time in the water, creativity and gatherings around the table.

Morning Practice rotates through Vinyasa, Hatha, Ashtanga, Kundalini, Power and Yin Yoga, alongside Pilates, across the Gratitude Tent, beach and Sunset Deck. Playa Fit Club meets on Saturdays at 7:00 a.m. for running, calisthenics, cardio and functional movement.

Agua Mágica takes place on selected days at 11:30 a.m., using guided practice in the pool or sea to encourage a slower pace. Selected evenings bring breathwork, gong baths and lucid dreaming sound journeys to the Gratitude Tent, while cacao ceremonies and sunset rituals gather guests at the beach and Nest.

Creative Island offers journaling and painting at La Popular and the Sunset Deck. La Popular Sessions bring live music, DJ sets and island gatherings on Fridays and special dates, complemented by guest bartenders, beach gatherings and culinary moments throughout the season.

The season's announced highlights include:

October 30âNovember 2 â DÃa de Muertos. Four days of movement, ceremony, music and food, with the central celebration on October 31 featuring a skull workshop, guest make-up, La Playa Concert and a special ticketed dinner at La Popular.

November 20â23 â Subconscious Integration with Alecto Moure. This Immersive Journey includes Wisdom Tarot, a dinner gathering, family-tree exploration, Gestalt and Family Constellations. Workshops begin at 5:00 p.m. in the Gratitude Tent; the November 20 dinner takes place at 7:30 p.m. at La Popular, with reservations through the Journey Designer.

December and January â Festive programming, including New Year's Eve on December 31, continues through January 11. February and March programming is scheduled to be announced in January. Access and reservations vary by experience; guests should consult the calendar for current details.

Plan your visit

For New Year's Eve reservations and updates, visit the event pages below. Hotel reservations are available at [email protected]. Individual activities may require separate booking or tickets.

New Year's Eve at Nômade Temple Holbox

Bonding Season programming and calendar

About Nômade Temple Holbox

Set on the untouched shores of Isla Holbox, Nômade Temple Holbox is a luxury beachfront sanctuary designed for slow living and reconnection. The property features 30 rooms thoughtfully designed in three layers, from earth to sky, using sustainable local woods and advanced systems to maximize energy efficiency and responsible waste management. Conceived to exist in harmony with its natural surroundings, the hotel offers immersive wellness practices and personalized journeys guided by Journey Designers. Rooted in simplicity, sustainability, and presence, Nômade Temple Holbox delivers a barefoot luxury experience that invites guests to reconnect with themselves and the rhythms of the island.

Nômade Temple Holbox is part of Nomade People, a hospitality and lifestyle collective redefining travel through conscious design, cultural expression, and a deeply human approach to shared experiences.

CONTACT: Silvia Ferrer | PR & Marketing Director Nômade Temple Resorts Mexico | [email protected]

SOURCE Nômade Temple Holbox

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ACER supports exemption from bi-directional gas flow between Austria and Slovenia

What is it about?

ACER has issued a favourable Opinion on the decisions by the Austrian and Slovenian energy regulators to prolong the existing exemption from establishing physical bi-directional capacity at the Murfeld/Ceršak interconnection point between the two countries. The renewed extension would run until November 2029.

The extension was proposed by the Austrian and Slovenian transmission system operators (TSOs) and approved by the national energy regulators. After reviewing the coordinated decisions, ACER endorsed the proposal.

What is bi-directional gas flow capacity?

Under the European Security of Gas Supply Regulation, TSOs must establish permanent physical capacity for gas transport in both directions (bi-directional capacity) at all cross-border interconnection points between Member States.

Where building this bi-directional capacity is not justified, temporary exemptions may be granted following a detailed assessment and consultation with stakeholders, other Member States and the European Commission.

What is ACER’s assessment?

- The TSOs carried out the consultation and decision-making process in a timely and coordinated manner.

- The coordinated decisions comply with the Regulation’s requirements and justify prolonging the exemption.

- Current market signals do not indicate a need for bi-directional capacity from Slovenia to Austria.

- Building such capacity without market demand would result in inefficient investments, as costs would significantly outweigh the expected benefits for Austria’s security of supply.

On this basis, ACER considers the four-year extension justified, provided there are no significant changes in market conditions or infrastructure developments in the meantime.

What are the next steps?

ACER has submitted its Opinion to the Austrian and Slovenian energy regulators, as well as to the European Commission.

Within four months of receiving ACER Opinion, the European Commission may request modifications to the decisions.

ACER finds Irish gas transmission tariffs largely compliant with EU rules, but calls for clarity on the Corrib Linkline service

What is it about?

Today, ACER releases its report on the Irish gas transmission tariffs directed at the Commission for Regulation of Utilities (CRU), Ireland’s national regulatory authority (NRA).

The report assesses whether the proposed reference price methodology (RPM) complies with the requirements of the EU Network Code on Harmonised Transmission Tariff Structures (NC TAR).

What is the proposed tariff methodology?

The Irish NRA proposes to:

- Apply a forward-looking matrix methodology based on marginal expansion costs, allocated between entry and exit points. Under this approach, differences between tariffs at network points would reflect the expected unit cost of expanding the pipeline, rather than historical costs.

- Apply the same tariff to all exit points serving domestic consumption and a single tariff to all future renewable gas production points, regardless of their location.

- Set rules on tariff discounts for any future storage and LNG facilities.

- Continue recovering allowed revenues for transmission services through a combination of capacity- and commodity-based tariffs. Capacity tariffs are charged for contracted network capacity, while commodity tariffs are based on transported gas volumes and recover the related costs.

- Treat the Corrib Linkline (the pipeline connecting the Corrib offshore gas field to the main ring of the Irish gas network) separately from the transmission service, recovering its costs through a separate tariff.

What are ACER’s key findings?

After analysing the consultation document, ACER concludes that:

- The proposed methodology meets the EU requirements on cost-reflectivity, transparency, avoidance of cross-subsidisation, non-discrimination, volume risk and prevention of cross-border trade distortions.

- The criteria for setting the flow-based charge are also met.

- The criteria for setting non-transmission tariffs are not fully met, as the Corrib Linkline is treated similarly to a non-transmission service but not formally classified as such.

- The capacity forecasts used in the methodology are based on Ireland's Network Development Plan for 2024, which may not fully capture more recent demand shifts.

What does ACER recommend?

ACER recommends that the Irish regulator, when adopting its final decision:

- Improve the description of the revenue and tariff structure of the Corrib Linkline and formally classify its use as a non-transmission service.

- Update capacity forecasts using more recent estimates and, if these show cross-system flows, reassess the methodology against the relevant NC TAR principles.

ACER also recommends that, as part of its upcoming review of the tariff methodology, the Irish regulator assess whether a methodology based on forward-looking marginal expansion costs remains appropriate in the context of the energy transition and declining gas demand.

Next steps

The Irish NRA has until 16 December 2026 to adopt a motivated decision on the reference price methodology.

See all ACER reports on national tariff consultation documents.

ACER amends the implementation frameworks for two European electricity balancing platforms

What is it about?

On 18 December 2025, ACER received two proposals from all electricity transmission system operators (TSOs) to amend the implementation frameworks for PICASSO and MARI, the EU platforms for exchanging balancing energy from frequency restoration reserves.

With its Decisions 12/2026 and 13/2026, ACER approved both proposals.

What are the implementation frameworks for balancing platforms?

Established under the Electricity Balancing (EB) Regulation, the implementation frameworks harmonise how balancing service providers (BSPs) participate in electricity balancing markets across EU Member States.

These markets allow TSOs to manage unexpected differences between electricity supply and demand. PICASSO coordinates cross-border exchanges of automatically activated balancing energy (e.g. in case of sudden need), while MARI coordinates manually activated balancing energy. Together, they enable TSOs to access balancing resources across borders and maintain system stability.

What did the TSOs propose?

The TSOs proposed to further harmonise the BSP prequalification process, which ensures that power generation or demand units meet the technical and operational requirements to participate in the market and provide balancing services.

The proposals also introduce a common process for amending the implementation frameworks of PICASSO and MARI to further harmonise the terms and conditions for BSPs.

What did ACER decide?

ACER approved the proposals, while introducing some amendments:

- A structured harmonisation process. Every two years, TSOs will run stakeholder surveys to identify areas where the terms and conditions for BSPs still need to be aligned across countries. TSOs will then develop a common proposal for further harmonisation and publicly consult on it.

- More harmonised prequalification requirements. ACER introduced additional requirements for switching, re-prequalification, termination of prequalification and data exchange. Given the limited experience with harmonised prequalification, some requirements will continue to be set at national level, with further harmonisation expected as TSOs gain more experience.

- More prequalification options. ACER introduced three prequalification options: activation testing, ex-post verification and a fast-track process. Compared with activation testing, the other two offer faster and easier market access, as balancing services are monitored during operation instead of tested upfront. TSOs can choose any or all three options, subject to approval by their national regulatory authority.

- Easier access for smaller market participants. ACER simplified the prequalification process for smaller participants to help ensure a level playing field. As existing processes were designed around large conventional generators, ACER adapted them to make it easier for all participants that can provide secure and reliable balancing services to enter the market and improve liquidity.

What are the next steps?

TSOs have six months to submit a proposal to their national regulatory authority to align national terms and conditions with the new requirements. Once approved, TSOs will have 24 months to implement the harmonised prequalification process.

ACER finds hydrogen network planning frameworks across the EU still incomplete

What is it about?

Today, ACER published its Opinion on gas and hydrogen national Network Development Plans (NDPs), assessing alignment between national and EU-level planning.

NDPs are national roadmaps prepared by gas transmission system operators (TSOs) and hydrogen network operators (HNOs) across EU Member States. They set out how each country’s networks should develop in the next decade(s) to meet evolving energy needs. Efficient planning helps ensure the right level of network investment, meeting network users’ needs without unnecessary costs.

What is ACER’s role?

Every two years, ACER assesses how well national plans align with the EU-wide Ten-Year Network Development Plan (EU TYNDP), prepared by the European Network of Transmission System Operators for Gas (ENTSOG).

The EU TYNDP is a non-binding plan that sets out how gas and hydrogen infrastructure across Europe could develop over the coming decade, assessing future system needs. It also plays a role in the selection of Projects of Common and Mutual Interest, as candidate projects must be included in the latest EU TYNDP and assessed using its methodologies. This makes alignment between national and EU-wide planning particularly important.

Following its assessment, ACER recommends ways to improve consistency between the two levels of planning, helping coordinate network development across borders and supporting national investments that reflect wider European needs.

What are ACER’s key findings?

ACER finds that alignment between national and EU-wide planning varies across Member States and sectors. While gas network planning is well established, planning for hydrogen is still emerging.

Three main issues limit closer alignment:

- incomplete institutional frameworks for hydrogen network planning;

- different levels of transparency and approaches to scenarios, infrastructure needs assessments and the inclusion and presentation of network projects; and

- uneven regulatory oversight.

At the same time, ACER identifies progress in several areas:

- Gas transmission networks are adapting to accommodate biomethane, while hydrogen injection into gas networks is permitted more widely.

- Network planning increasingly accounts for the decommissioning and repurposing of existing infrastructure.

- Market consultations are used more often to inform hydrogen planning.

What does ACER recommend?

- Strengthen the institutional framework for national plans, adopting a biennial planning cycle aligned with the EU TYNDP process, and ensuring effective regulatory oversight of NDPs, including their approval and amendment.

- Improve transparency on planning methodologies, regulatory assessments and important project information (e.g. costs), and strengthen stakeholder and market consultation, particularly on future hydrogen demand.

- Enhance cross-border and cross-sectoral coordination, improving cooperation and data exchange between system operators and better aligning national and EU-level planning scenarios.

- Better integrate decarbonisation measures, ensuring that NDPs reflect the most recent changes in the gas and hydrogen sectors, including infrastructure decommissioning, the repurposing of gas infrastructure for hydrogen and biomethane injection projects.

What are the next steps?

ACER invites Member States and system operators to consider its recommendations to make network planning more consistent and transparent.

The next ACER Opinion will be published in 2028.